President and chairman of Council of the Chartered Institute of Taxation In Nigeria (CITN) Samuel Agbeluyi, has expressed optimism that the Tax Reform Bills currently before the National Assembly (NASS) would further empower women to contribute maximally to national economic development.
Speaking as the chief host at the 2nd Tax Summit organised by the Society of Women in Taxation (SWIT) on Thursday in Abuja, Agbeluyi noted that the Tax Reform holds a lot of benefit for small businesses in Nigeria, adding that a significant proportion of such businesses are owned by women.
Represented by the vice president, CITN, Innocent Ohagwa, Agbeluyi said a lot of incentives are introduced in the new bill, including exempting small businesses from income tax among others.
He said: “A lot of incentives have been introduced including exempting small businesses with an annual turn over of 100,000 million or less from income tax. There is no withholding tax deduction on business income of small business.This also includes on exemption from the requirement to deduct and account for tax on payments to vendors.These provisions no doubt would have multiplier effect on business growth and sustainability benefiting the critical mass and women in particular amongst other numerous incentives contained in the Bill.”
The chairman of Session and Coordinating Dean, Taxation Facilities, CITN, Dr Mark Abani, lauded the provisions of the Tax Reform Bill for being gender responsive, urging women not to relent on their oars but continue to keep their head up towards achieving the overall goal.
In her welcome remarks,the national chairperson of SWIT, Dr Bosede Ikhanoba, while giving an insight into the various sections of the programme said taxation plays an invaluable role in shaping economies, but for tax policies to be effective, they must recognise and address gender disparities in access to economic opportunities.
According to her, the theme of this year’s summit therefore challenges stakeholders to critically assess how the tax reforms can be made to work for everyone – particularly the women entrepreneurs, business owners, and community leaders – ensuring that tax policies promote equity, economic sustainability, and national development.
The SWIT Second Tax Summit is themed: “Leveraging Tax Reforms For Inclusive Economic Growth: A Gender – Responsive Approach”, with a sub-theme: “Digitisation, Equity, and Tax Policy Reforms: Navigating.
SWIT was formally inaugurated on 7th May 2010 as an arm of the Chartered Institute of Taxation of Nigeria (CITN) with a view to serving as an umbrella body of the female members of the Institute and to meet the yearnings and aspirations of women for recognition as a force to reckon with on Tax policy issues.
